WASHINGTON (dpa-AFX) - An unexpected decline in the ISM Manufacturing PMI from U.S. for the month of June renewed rate cut hopes, lifting sentiment for cryptocurrencies. Stronger inflows to Bitcoin Spot ETF products in the U.S. on Friday also supported sentiment.
Data from U.S. released on Monday by the Institute for Supply Management or ISM showed Manufacturing PMI in June unexpectedly declining to 48.5 from 48.7 in May versus market expectations of 49.1. The third straight month of falling manufacturing activity and the weakest reading since February reinforced the view that the Fed indeed has sufficient headroom to ease interest rates from the current high level. In this backdrop, overall crypto market capitalization increased to $2.31 trillion from $2.27 trillion a day earlier.
At its current trading price of $62,726.39, which is 15 percent below the all-time high, Bitcoin has gained 2.1 percent overnight and 2.6 percent in the past week. Year-to-date gains have increased to 48.4 percent. The top-ranked cryptocurrency ranged between $63,700.45 and $61,434.16 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $73 million on Friday as compared with net inflows of $12 million on Thursday and $21 million on Wednesday.
Ethereum which is trading at $3,456.72, around 29 percent below its all-time high has also gained 2 percent overnight and 4.7 percent in the past week. Year-to-date gains exceed 51 percent. The top-ranked altcoin ranged between $3,513.31 and $3,386.46 in the past 24 hours.
With a market capitalization of $1.2 trillion, Bitcoin dominates 53.6 percent of the overall crypto market. Ethereum which enjoys a market cap of $415 billion follows with a market share of 18 percent. Market capitalization of stablecoins aggregates to $163 billion, implying an overall market share of 7.1 percent.
The CoinShares' Digital Asset Fund Flows Weekly report showed outflows of $30 million during the week ended June 29 as compared with outflows of $584 million during the week ended June 21 and $600 million during the week ended June 15. Year-to-date flows dropped to $15.92 billion whereas cumulative AUM declined to $88.7 billion.
Ethereum products that recorded weekly outflows of $61 million constituted bulk of the outflows. Bitcoin-based products recorded inflows of $10 million whereas short Bitcoin products recorded outflows of $4.2 million. Multi-asset products received inflows of $17.9 million.
More than 76 percent of the cumulative AUM of $88.7 billion is attributed to Bitcoin products that account for an AUM of $67.6 billion. Bitcoin's dominance of crypto market is much lower, at a little over 53 percent. AUM of Ethereum products stood at $14.4 billion. Multi-asset portfolios command assets under management of $4.4 billion. An AUM of $1.2 billion is attributed to Solana-based products and $575 million to Binance-based products.
The provider-wise analysis of flows inter alia shows outflows of $153 million from Grayscale Investments. iShares ETF recorded inflows of $84 million, followed by Ark 21 Shares that recorded inflows of $27 million.
Though year-to-date outflows exceed $18.4 billion, Grayscale Investments still accounts for an AUM of $28.1 billion, which is more than 31 percent of the cumulative AUM of $88.7 billion. iShares commands an AUM of $18.9 billion, followed by Fidelity that has mobilized assets under management to the tune of $10.3 billion.
The country-wise analysis shows weekly outflows of $29 million from Germany. Flows from Hong Kong exceeded $23 million followed by Canada with outflows of more than $14 million and Switzerland with outflows exceeding $13 million.
Of the cumulative AUM of $88.7 billion, $69.6 billion or 78 percent is in United States. Canada and Switzerland follow with AUM close to $4.5 billion. Germany accounts for an AUM of $3.9 billion followed by Sweden with an AUM of $3.1 billion.
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